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Banking outlook positive, HSBC lags behind - Maughan

HSBC Holdings Plc, Europe's biggest bank, posted slower than expected earnings growth and a 12 percent drop in revenue, sending its shares as much as 4% lower. Olivetree's Simon Maughan says that the banking sector is trending up, but HSBC is left on the fringes.
SHOWS: LONDON, ENGLAND, UK (REUTERS - ACCESS ALL) (AUGUST 5, 2013)
1. OLIVETREE SECURITIES, HEAD OF SECTOR STRATEGY GROUP, SIMON MAUGHAN, SAYING:
JOURNALIST ASKING SIMON MAUGHAN: "There are a lot of issues it seems for this bank [HSBC]. The emerging markets story, the weakness in North America. What is there for investors to like?"
SIMON MAUGHAN: "Well investors like the long-term story with HSBC which ever since Stuart Gulliver took over as CEO has basically been that he was going to reposition as much of the bank as he could in the faster growing emerging markets. Now as you recognized in his interim report today, in the short term the trends are actually going against that strategy with China slowing to an estimated 7.5% or so GDP this year and next and also some increases in provisions based on a slowdown in Latin America. The long-term trends, the group is absolutely adamant is still in place but shorter term, there is more excitement elsewhere in the sector."
JOURNALIST: "And for how much longer is that shorter term weakness going to bug the share price?"
MAUGHAN: "Well that is the critical point, of course. It's very easy for a management to stand up and say, well in the long term, we're in exactly the right place. And indeed, many people would say that's what more management should do but the market is made up of short-term daily and intra-day moves. And right now, the trend is for banks that have got exposure to US and North American investment banking, HSBC is relatively weak in that position. And of course in the UK, we've got all the excitement of the recovery going on at Lloyds and to a degree, RBS and the potential government share placing. So it just leaves HSBC on the fringes of the news fl...

Banking outlook positive, HSBC lags behind - Maughan

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Executives

D J Flint,
Chairman

Skills and experience: extensive governance experience gained through membership of the Boards of HSBC and BP; considerable knowledge of finance and risk management in banking, multinational financial reporting, treasury and securities trading operations; honoured with a CBE in recognition of his services to the finance industry; a member of the Institute of Chartered Accountants of Scotland and the Association of Corporate Treasurers. Fellow of The Chartered Institute of Management Accountants. Joined HSBC in 1995.
Appointed to the Board: 1995
Current appointments include: director of The Hong Kong Association since 6 February 2011; and Vice Chairman and Chairman Designate (June 2012) of the Institute of International Finance.
Former appointments include: Group Finance Director and Chief Financial Officer, Executive Director, Risk and Regulation. Co-Chairman of the Counterparty Risk Management Policy Group III; Chairman of the Financial Reporting Council's review of the Turnbull Guidance on Internal Control; a member of the Accounting Standards Board and the Standards Advisory Council of the International Accounting Standards Board; served on the Large Business Forum on Tax and Competitiveness and the Consultative Committee of the Large Business Advisory Board of HM Revenue and Customs; and a former partner in KPMG. Ceased to be Chairman and a member of the Nomination Committee on 2 December 2011. Ceased to be a non-executive director of BP p.l.c. on 14 April 2011.

S T Gulliver,
Group Chief Executive

Skills and experience: a career banker with over 30 years' international experience with HSBC; has held a number of key roles in the Group's operations worldwide, including in London, Hong Kong, Tokyo, Kuala Lumpur and the United Arab Emirates; played a leading role in developing and expanding Global Banking and Markets, the wholesale banking division of the Group with operations in over 65 countries and territories. Joined HSBC in 1980.
Appointed to the Board: 2008
Current appointments include: Group Chief Executive and Chairman of The Hongkong and Shanghai Banking Corporation Limited since 1 January 2011; Chairman of HSBC France; and Chairman of the Group Management Board.
Former appointments include: Chairman, Europe, Middle East and Global Businesses; Chairman of HSBC Bank plc and of HSBC Bank Middle East Limited; Head of Global Banking and Markets; Co-Head of Global Banking and Markets; Head of Global Markets; Head of Treasury and Capital Markets in Asia-Pacific. Ceased to be Deputy Chairman of HSBC Trinkaus & Burkhardt AG and a member of its Supervisory Board on 7 June 2011; and Chairman of HSBC Private Banking Holdings (Suisse) SA on 6 December 2011.

I J Mackay,
Group Finance Director

Skills and experience: extensive financial and international experience, having worked in London, Paris, US and Asia. Member of the Institute of Chartered Accountants of Scotland. Joined HSBC in 2007.
Appointed to the Board: 2010
Current appointments include: member of the Group Management Board.
Former appointments include: director of Hang Seng Bank Limited; Chief Financial Officer, Asia Pacific; and Chief Financial Officer, HSBC North America Holdings Inc; Vice President and Chief Financial Officer of GE Consumer Finance and Vice President and Chief Financial Officer of GE Healthcare - Global Diagnostic Imaging.

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